XAU/USD Approaching Resistance, Prepare For Reversal

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XAU/USD is approaching its resistance at 1314.84 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 1309.24 (50% Fibonacci retracement, horizontal swing low support).

Stochastic (89, 5, 3) is nearing its resistance at 97% where a corresponding reversal is anticipated.

XAU/USD is approaching its resistance where we expect to see a reversal.

Sell below 1314.84. Stop loss at 1317.70. Take profit at 1309.24.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: XAU/USD Approaching Resistance, Prepare For Reversal

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